Loews (NYSE:L) announced its quarterly earnings data on Monday. The insurance provider reported $0.88 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by ($0.10), RTT News reports. The firm had revenue of $3.61 billion for the quarter. Loews had a net margin of 8.15% and a return on equity of 4.11%. Loews’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.53 EPS.
Shares of L stock traded up $0.33 on Wednesday, hitting $49.84. 1,848 shares of the stock traded hands, compared to its average volume of 1,502,739. The company has a market capitalization of $14.63 billion, a price-to-earnings ratio of 17.43 and a beta of 0.68. Loews has a 52 week low of $44.78 and a 52 week high of $53.59. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.35 and a quick ratio of 0.35.
Separately, Deutsche Bank raised their price objective on shares of Loews from $51.00 to $54.00 and gave the company a “hold” rating in a research report on Wednesday, August 1st. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Loews presently has a consensus rating of “Hold” and an average price target of $53.68.
In other news, VP Marc A. Alpert sold 2,141 shares of the firm’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $49.97, for a total transaction of $106,985.77. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 12.30% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in Loews by 0.7% in the 2nd quarter. BlackRock Inc. now owns 17,835,298 shares of the insurance provider’s stock valued at $861,090,000 after acquiring an additional 115,776 shares during the last quarter. Boston Partners grew its stake in shares of Loews by 1.3% in the 2nd quarter. Boston Partners now owns 8,256,576 shares of the insurance provider’s stock worth $398,628,000 after buying an additional 109,345 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in shares of Loews by 1.0% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 5,758,393 shares of the insurance provider’s stock worth $278,015,000 after buying an additional 54,226 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Loews by 1.5% in the 3rd quarter. Wells Fargo & Company MN now owns 5,635,278 shares of the insurance provider’s stock worth $283,059,000 after buying an additional 84,254 shares in the last quarter. Finally, Marathon Asset Management LLP grew its stake in shares of Loews by 0.3% in the 2nd quarter. Marathon Asset Management LLP now owns 2,170,602 shares of the insurance provider’s stock worth $104,794,000 after buying an additional 7,308 shares in the last quarter. Hedge funds and other institutional investors own 62.57% of the company’s stock.
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Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States, Canada, the United Kingdom, Continental Europe, and Singapore. The company offers management and professional liability insurance and risk management services, and other specialized property and casualty coverages; commercial surety and fidelity bonds; and warranty and alternative risk services primarily for vehicles and cell phones.
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